An MoU has been signed between US-based leading multinational corporation Walmart and Telangana government to set up 10 stores as part of its plan to open 50 stores in the country in next three to four years. Four of them would come up in Hyderabad.
The global retail giant will invest 10-12 million US dollar in each store, which would create direct and indirect employment for 2,000 people.
The MoU was signed in the presence of the Telangana industries minister K.T. Rama Rao, president and CEO, Walmart Canada and Asia, Dirk Van den Berghe and president and CEO Walmart India, Krish Iyer.
Rajneesh Kumar, senior vice president and head corporate affairs, Walmart India, said their focus in South India would be on Telangana and Andhra Pradesh. The company’s MoU with Andhra Pradesh, Maharashtra and Punjab is already in place.
It also announced to open stores in Uttar Pradesh and Uttarakhand which will subsequently result in 40,000 jobs creation in these two states.
Walmart is looking at Tier-II cities like Warangal, Karimnagar and Nizamabad to open the new stores. Walmart currently has 20 stores in India, including one in Hyderabad.
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